Koppers gets tenders for $189.5 million 9 7/8% discount notes so far

By Angela McDaniels

Tacoma, Wash., Nov. 30 - Koppers Holdings Inc. said it had received tenders for $189.5 million principal amount, or 93.3%, of its 9 7/8% senior discount notes due 2014 as of 5 p.m. ET on Nov. 25, which was the early tender date in an offer that began Nov. 30.

The early settlement date for the notes tendered so far is expected to be Dec. 2, according to a company news release.

The tender offer expires at midnight ET on Dec. 10.

Holders will receive $1,049.38 per $1,000 principal amount of notes tendered by the early tender date. Holders who tendered after that time but before the offer expiration will receive par.

The company also will pay accrued interest up to but excluding the applicable settlement date.

Koppers plans to redeem any notes not tendered in the offer at 104.938% of par.

The tender offer is conditioned on the completion of a notes offering in which the company's wholly owned subsidiary, Koppers Inc., obtains debt financing yielding net proceeds, which, when paid as a dividend to Koppers Holdings, are sufficient to pay the payout to tendering holders.

Goldman, Sachs & Co. (800 828-3182) is the dealer manager. Global Bondholder Services Corp. (866 470-4300) is the information agent.

Koppers is a Pittsburgh-based producer of carbon compounds and treated wood products.

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